It works great! I built one up to transmit button pushes to receiver with 434 MHz Rx/Tx pair from sparkfun.Transmitter uses 8 MHz 3.3V promini, 16 button keypad, 3.7V LiPo battery, MAX1811 battery charger chip. Goes into sleep mode after each button press.Receiver is also a promini, but 5V, 16 MHz.Virtual wire to handle the transfer.

well, an arduino is not going to be able to handle the data rates of audio and video. probably not either audio or video. you'd be better off using a premade module for that such as those video baby monitors.